AMBA Matters August 2017

Matters youneedabroker.com

New Consumer Website launched

#YOUNEEDABROKER AMBA Members Giving Back

August 2017

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Matters

August 2017 A SPECIAL THANKS TO OUR ADVERTISERS...

Equitable Bank ������������������ 2 Lanyard Financial ������������ 4

Amba 2017

this issue's articles

8 10 12 14

Board of Directors

reca News update: Mortgage brokers' gary is here to help 2017 CMHC Mortgage Consumer Survey

Alta West ���������������������������� 9

So You Want to be a Mortgage Broker…Are You Sure?

First National ���������������������11

Calvert ���������������������������������16 The Personal �������������������� 17 VWR Capital ���������������������23 Prolink Insurance �����������25 Romspen ���������������������������33 Cedar Peaks ���������������������35

Appraisal vs. Assessment

You Need A Broker Website Unveiled Prior to Mortgage World

18 20 22 24 26 28 30 32 36

2017 Mortgage World Highlights

MORTGAGE WORLD 2017 Grand Prize Winners

Capital Direct ������������������38

The Secret in the Shadows

Street Capital ����������������� 40

Matters AMBA Matters magazine is published three times a year and provides fundamental information to members of the provincial association. Offering an opportunity for the industry members to be educated, updated and entertained.

Toll Free: 1.888.452.2652 Phone: 403.685.9652 Fax: 403.685.9682 Email: info@amba.ca Web: www.amba.ca Suite 150, 1209 59 Ave SE Calgary, AB T2H 2P6

Meet the 2017 AMBA Award Winners

THE PERSONAL: SIX Money-Saving

tips for Your Summer Vacation AMBA Members Giving Back: Axiom Habitat for Humanity Builds member profile:

Joe Jacobs Social Media Highlights What’s Happening IN THE Social WORLD

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OTHER FEATURES...

President's Report 5 Executive Director's Report 6 MPC Corner: Partnering for Success 7 Industry News 34 2017 AMBA Event Calendar 38

Past President MPC Rep. Government Relations Dave Trithart Cedar Peaks Mortgage Services Ltd.

President Katie McDowell Mortgages Are Marvellous

Vice President Adil Mawji Invis Inc.

Treasurer Stephanie Blake DLC 1st Financial Link

Events Erica Fikkert Equitable Bank

Government Relations Kevin Weeks Weeks Law

Communications Pam Pikkert Dominion Lending Centres Regional Mortgage

Communications Shawn Jewers First National Financial

Education Ryan Spence D+H Broker Services

Education Julie Jeffery Dominion Lending Centres Elevation Mortgage

Membership Tracey Robinson Mortgage Protection Plan

Membership Mark Pullin Cedar Peaks Mortgage Services Ltd.

MPC Rep. Events Mike Wolfe Equitable Bank

Magazine Publisher: Amanda Roy Art & Design: Erin Lehtisaari Some photos within this issue ©shutterstock.com.

August 2017

3

FEELING BOXED IN? THINK OUTSIDE THE BOX!

COMMERCIAL MORTGAGE LENDING CRITERIA Mortgage Type

Loan to Value (up to)

Loan Amount Range

Interest Rate Starting at

Apartments

80%

$1 M - $20 M

5.95%

Res. Condo Invent.

70%

$1 M - $20 M

6.50%

Retail/Office/Industrial

75%

$1 M - $15 M

6.95%

Land (urban infill)

65%

$1 M - $20 M

7.35%

RESIDENTIAL MORTGAGE LENDING CRITERIA Mortgage Type

Loan to Value (up to)

Loan Amount Range

Interest Rate Starting at

Single Family + Condo

65%

$750K - $5 M

5.95%

Luxury Condos

60%

$750K - $5 M

6.25%

55% - 60%

$750K - $5 M

6.49%

Rentals/Vacation

Sam Fogell - Commercial sfogell@lanyardgroup.com

Christine Perkins - Residential cperkins@lanyardgroup.com

Phone 604.688.5388 www.lanyardgroup.com

President’s Report

Katie McDowell AMBA President

August 2017

Your association has been busy the past few months, working hard on promoting awareness of the value of a mortgage broker.

Launched at our annual conference, Mortgage World, AMBA and Mortgage Professionals Canada jointly created the website YouNeedABroker.com. Members of both boards, association staff and many volunteers were all over the mall promoting this website to thousands of shoppers on the first day of the conference at West Edmonton Mall, as we ran our first ever Public Expo. One of the highlights of the conference for me was presenting a Lifetime Achievement Award to Everett Koeller, a truly great man who was part of the creation of this association 42 years ago, and who has impacted many of us ever since.

Through our post-conference survey, we received a lot of positive feedback on the conference and sessions that were offered. We also heard ways you think next year's conference could be improved, and we appreciate the thoughtful feedback. Your ideas and opinions help us build better events. A big thank you to all of our sponsors, especially our Title and Diamond sponsors First National Financial and Genworth Canada.

OSFI is once again looking at making changes to the B-20 lending guidelines putting focus on the following: • Requiring a qualifying stress test for all uninsured mortgages; • Requiring that Loan-to-Value (LTV) measurements remain dynamic and adjust for local market conditions where they are used as a risk control, such as for qualifying borrowers; • Expressly prohibiting co-lending arrangements that are designed, or appear to be designed to circumvent regulatory requirements

#bettertogether OSFI has asked for feedback and written submissions before finalizing changes. You can be assured that AMBA and Mortgage Professionals Canada will be working together and will have a unified voice about our concerns with these changes. If you have customers that have been adversely effected by the rule changes already put in place, try to have them contact their MP with their story. Or, you can direct them to TellYourMP.ca.

Coming up we have our Social Breakfast with AMBA on September 12, our AMBA golf tournament September 19 in Innisfail, and our inaugural Professional Development Day in partnership with AREA on October 25, which will bring together Real Estate Industry Stakeholders. Hope to see everyone there!

August 2017

5

Amanda Roy AMBA Executive Director

Executive Director’s Report

August 2017

I hope you had a wonderful time at West Edmonton Mall for Mortgage World! We sure did. Thank you to everyone who helped make our annual conference such a fantastic success.

Your support went a long way.

$20,000 Raised in Three Days!

Over the last 18 months, AMBA and Community Key have forged a strong and successful relationship. Our fundraising efforts at Mortgage World demonstrated just how powerful that relationship can be, as conference attendees raised $20,000 for the charity over the course of three days.

In our first ever Industry Challenge, participants collected pledges and competed in show downs at Mortgage World. We received generous contributions from people within and outside our association.

At the Awards Gala on June 12, we sold special limited-edition sterling silver Community Key necklaces, each with their own Swarovski crystal, individually handcrafted by an Edmonton jeweller. Every single necklace we had for sale was purchased that night. Gala guests bought necklaces in support of Community Key for themselves, for their loved ones, and even as unique one-of-a-kind teacher gifts.

We cannot thank you enough for your contributions.

Community Key offers our industry an opportunity to show what makes it great – the people in it and their generosity. As mortgage professionals, you work hard to help people attain their dream homes. Community Key helps families caring for sick or critically injured children make their rent or mortgage payments in

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times of tremendous stress, when making home payments should be the last thing on their mind.

Initially founded by the Quantus Mortgage Solutions team, Community Key is now a full-fledged charity with a board, a volunteer director, Pat Forigo, and soon, a CRA charitable status number to issue tax receipts. AMBA is extremely proud and honoured to be part of this growing movement, and for the opportunity to become a champion for the charity as something the entire industry can get behind. We should all be very proud of the work that has been done to date, and we look forward to partnering with you and Community Key in future endeavours. In the upcoming months, watch for the launch of a new Community Key website – you will definitely want to check it out.

Amanda Roy Amanda Roy Executive Director

#bettertogether #membershipmatters

r e n r o C MPC

g n i r e n Part ss e c c u S for A few years ago, Mortgage Professionals Canada and AMBA created a new partnership framework to promote harmonization, best practices and efficiencies. This relationship has truly evolved into a collective force focusing on a strong and unified voice with government, increasing member value through events and jointly promoting the importance of using a mortgage broker to the borrowing public.

Mark Kerzner

We have been successfully building momentum, opening new doors and opportunities as a unified voice for the mortgage industry in Alberta and across Canada. By further leveraging our collective expertise, we continue to develop our efforts in support of our members, our industry and the Canadian mortgage consumer.

A perfect example of this is the AMBA annual conference partnership. For the second year in a row we have co-hosted this remarkable event, which further reinforces our strong message that we are unified in our values and are committed to enhancing value by eliminating duplication for exhibitors, sponsors and attendees.

During the Mortgage World conference held at the West Edmonton Mall in June, we launched a new joint consumer advocacy campaign where we invited members of the public to attend and meet and interact with industry members and ask questions.

significant accomplishments are achieved when we pull together.

We knew we were in for a series of adaptations once the October 3, 2016 mortgage rule changes were announced.

Since that time, interest rates have stayed low, some housing markets have heated up and yet others have shown signs of weakness.

In addition, lender business models have come under attack while access to funding has caused a shift in pricing and availability of some products and programs.

We also enhanced consumer awareness by running joint newspaper and radio ads and created a consumer-facing website, youneedabroker.com where individuals can learn more about our associations and how they can find a broker in their area.

And through all of this, broker market share has increased.

Another of our key strengths lies in our collective efforts in bringing the voice and interests of joint members to government. Together, our voice is louder. We garner more attention from government when we stand united and

It truly is a win-win situation.

We are very proud of and thankful for our successful partnership. Recognizing our respective strengths and our members’ needs, we are confident that we can achieve greater success combined than we can on our own.

Mark Kerzner, Chair

August 2017

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Update from the Real Estate Council of Alberta

Mortgage Brokers: Gary is here to help

“An investment in knowledge pays the best interest.” Benjamin Franklin.

Mortgage Broker Practice Advisor, Gary Siegle

The Real Estate Council of Alberta (RECA) agrees with Benjamin Franklin, and we hope mortgage brokers take the opportunity to benefit from the new service we’re offering. Gary Siegle joined RECA’s team in March as its first-ever Mortgage Broker Practice Advisor. His primary purpose is to interact with Alberta’s mortgage broker community; answering questions, improving business practices, and helping them ensure competent service to consumers.

Gary has attended multiple industry events, and conducted numerous presentations at brokerages across the province.

His presentations can cover a number of different topics – and he’s available to work with brokers to focus his presentation on information that will be most beneficial to their licensees. Gary is also available to review draft written service agreements that brokerages want to implement.

He’s not able to formally approve them, but is able to review and provide valuable feedback.

Wondering what type of questions Gary answers?

Here’s just a small sampling: 1) Can I pay a trailer/referral fee to a mortgage associate who is no longer registered with my brokerage?

8

a. Yes! You can… and there’s no time limit on doing so.

You can continue to pay trailer/renewal fees to licensees who are no longer registered with your brokerage as long as the fee is connected to a deal the individual conducted while registered with your brokerage. This remains true whether the individual is registered with a new brokerage or has left the industry.

August 2017

2) Does RECA require mortgage brokerage professionals to offer and/or discuss creditor insurance with borrowers?

a. Simple answer is, no, they’re not required to offer it or discuss it. That being said, when you think about a consumer borrowing a large sum of money through a mortgage, you have a responsibility to bring certain things/information/options to their attention. Mortgage insurance may be one such item. A best practice is to at least mention it to the borrower as an option, and ask them to sign an acknowledgement that you told them about it. It’s not a RECA requirement, but it’s a sound business practice and, there are numerous examples where the Courts have taken the view that a mortgage brokerage professional should talk about this type of insurance product.

Mortgage brokers – if you have a question for Gary or want to talk to him about a presentation to your team, reach out to him directly by calling him at 403-685-7925, or emailing him at gsiegle@reca.ca.

80% WHY CHOOSE US?

LOAN-TO-VALUE Tim Hurlbut

BUSINESS DEVELOPMENT BC/AB/ON

tim@awcapital.ca T 403.254.9075 x 224 C 1.403.928.5436

awcapital.ca

2017 e g a g t r o CMHC M y e v r u S r e Consum Conducted since 1999, CMHC’s Mortgage Consumer Survey examines consumer behaviour, attitudes and expectations when acquiring, renewing or refinancing a mortgage. It is the largest and most comprehensive survey of its kind in Canada.

In March 2017, CMHC completed an online survey of 3,002 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-five percent had undergone a mortgage renewal, 15% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat Buyers). CMHC has conducted this survey since 1999. It is the largest and most comprehensive survey of its kind in Canada.

The Home Buying Process

The Mortgage Process

Fifty-three percent of buyers were aware of the latest mortgage qualification changes, and 19% noted that it impacted their purchase decision. For example, 11% of buyers said they increased their down payment, 6% purchased a smaller home, 5% purchased in a different location, and 3% delayed their purchase. Buyers interact with a wide variety of people, and are most likely to consult a real estate agent (72%), or look to a family member or mortgage lender for advice (both at 57%). Forty-one percent reported interacting with a mortgage broker. Of all interactions, real estate agents were noted as most valuable. Seventy-one percent

Providing advice on long-term mortgage strategies can lead to 72% increase in likelihood of new business. In fact, only 25% of those not receiving the advice “totally agreed” they will recommend their mortgage professional to family and friends. This increases to 43% among those that received the advice.

of First-Time Buyers accessed savings for their down payment, while 18% received a gift from a family member.

Overall, 40% of buyers mentioned having concerns during the home buying process (compared to 43% in 2016). Among this group, the uncertainty came mostly from unforeseen costs, noted by 57% of buyers, followed by the fear of paying too much for their home, and living with post homebuying costs (both at 51%). Thirty percent of buyers reported making repairs or improvements costing over $5,000 since purchasing their current home, and 58% noted they are likely to make repairs or improvements over $5,000 in the next five years.

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August 2017

Looking back at their mortgage experience, consumers wished they could have had additional information on several key topics. These key topics include more information

on interest rate (24% of lender clients and 53% of broker clients), types of mortgages (25% of lender clients and 46% of broker clients), tools to manage their mortgage (27% of lender clients and 46% of broker clients), and what to do when faced with financial difficulties (26% of lender clients and 45% of broker clients).

Consumers wished to have more information on: more information on interest rate more information on types of mortgages more tools to manage their mortgage what to do with financial difficulties

Leveraging Technology Almost half of mortgage consumers (48%) agree they would feel comfortable using more technology to arrange their next mortgage transaction, and 40% noted they would be comfortable arranging their entire mortgage transaction using secure online tools and apps, without having to meet their mortgage professional in person. Fifty-six percent of mortgage consumers would like to have access to wealth management tools to help prepare prior to their mortgage transaction, and almost half (49%) would feel comfortable not visiting their bank if they could access secure online tools which provide them with standard banking services.

While technology in the financial industry continues to evolve, the majority of mortgage consumers agree that it is still important to meet face to face with their mortgage professional when negotiating (69%) and finalizing their mortgage (70%).

To view the complete report and findings, contact your CMHC Account Manager, Client Relations, or visit www.cmhc.ca/surveys where you will find a variety of valuable opportunities to leverage our tools and information to help you manage your business.

The information is provided by CMHC for general illustrative purposes only, and does not take into account the specific objectives, circumstances and individual needs of the reader. It does not provide advice, and should not be relied upon in that regard. The information is believed to be reliable, but its accuracy, completeness and currency cannot be guaranteed. Neither CMHC and its employees nor any other party identified in this Article (Lender, Broker, etc.) assumes any liability of any kind in connection with the information provided. CMHC stakeholders are permitted to distribute the materials at their expense. The above mentioned stakeholder organization is responsible for the distribution of this document.

Loyalty goes a long way In this business, loyalty matters. Especially now. You have more competition, more distractions and more demands than ever before.

For the past 28 years, First National has remained loyal to the broker channel. We’ve upheld the same core values – honesty, responsiveness, respect – and stayed committed to working with brokers to achieve mutually beneficial goals.

That’s not changing any time soon. First National is in it for the long run.

We intend to continue working with you, side by side. We are the lender you can count on for the future.

Because that’s what it really takes to champion your business.

That’s what it really takes to go beyond service.

For more information on how First National can champion your business, visit our website www.firstnational.ca.

Going beyond service.

Ontario Mortgage Brokerage License No. 10514

August 2017

11

Pam Pikkert, Dominion Lending Centres Regional Mortgage Group

So You Want to be a Mortgage Broker‌ Are You Sure?

Every so often I am approached by a friend or family member who is toying with the idea of taking the plunge and becoming a part of our industry. They have probably seen my Facebook profile where I seem to carelessly flit from event to event. An endless array of smiling selfies in pretty awesome locales. From the outside looking in, the whole thing must appear to be awesome but as always there is more to the story. I would like anyone considering this move to stop just a minute or maybe even two.

First of all, let me preface this by saying that I absolutely passionately love being a mortgage broker. I enjoy helping clients and I have been gifted with a huge array of very close industry friends during my tenure. I would love to see this industry grow to include more great individuals.

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Here are a few points to share with anyone considering this career.

1 2 3 4 5 6 7 8

We are fully commissioned. That means a broker may face months of little to no income before their first file closes. New brokers need to make sure they have some savings or a HELOC to draw upon so they don’t starve.

Your success is your responsibility. This career can be very lucrative but new brokers are going to have to work hard to develop proficiencies and referral partners. The learning curve is steep to say the least and often the way we learn is by walking into yet another brick wall. The onus is squarely on you to get yourself out of your comfort zone.

Brush up on your sales skills. You are in direct competition with the banks and with other mortgage brokers for both your referral partners and your clients. When you send a deal to a bank you have to convince them why they should lend to your client or grant an exception to a rule.

Each person sitting in front of you is going through one of the top three most stressful life events possible. Sometimes, they are going to cry, get angry, question you, or call their mom. You are in charge of the financing for their home where they will live with their children and it should be taken very seriously.

It is really hard. Policies change, the local bank offers a rate special, the government changes course seemingly on a whim and you have to keep up on all of it. Once you are done the course the real learning begins and you will need to constantly train yourself.

You will have to work closely with people you love and people you don’t and you have to be professional to each and every one.

EVERYONE is an expert when it comes to mortgages. The media does a great job of muddling the information. The clients are being fed information from their circles of influence as to rate and how easy it should be and whatever cousin Bob just got done with no paperwork needed.

You will lose sleep. Deals will wake you in the middle of the night. Family dinners will be interrupted. You may have to take a call on Easter Sunday. That’s a part of this gig.

I highly recommend that potential brokers do some research before they make this decision. I would encourage them to read Be the Better Broker, available on Amazon, which was written by a top producing mortgage broker in Canada. It gives a very in-depth look at what to expect and how to start strong.

In addition, I would recommend that they call a local broker or two and invite them for lunch or coffee to get their take on the whole thing. Ask for tips on how to become successful. It is my experience that people are generous with their knowledge when someone is genuinely interested.

After a potential broker has spent the $100 or so that the first two steps will require, they will have an idea of whether this whole thing is for them or not. There is a very high rate of attrition in the mortgage industry. This crazy rollercoaster of a career can be lucrative and very satisfying but I wish more people would take the time to research before they dive in.

August 2017

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Appraisal vs.

Assessment Jesse Bobrowski, Calvert Home Mortgage Investment Company

As a real estate professional, homeowner or home buyer, it’s important to understand the difference between the ‘Tax Value’ (usually referred to as ‘Tax Assessed Value or Assessed Value’) and the ‘Appraised Value’ when trying to determine the Fair Market Value of a property.

As a real estate professional, I am always amazed at how many clients look at the Assessed Value (which is often publicly available online on your municipality’s website) and assume that the number provided represents the current market value. While there are a few instances where the Assessment might equal the current value, it is important to understand that this would only be a coincidence as both values are unique and are done for different purposes at different times.

appraisal

An appraisal is done to determine the current market value of a specific property on a specific date. The appraisal is usually done to satisfy a lender or a buyer. Appraisers operating in Alberta must be licensed under the Real Estate Act and are part of the licensing and regulatory responsibilities of the Real Estate Council of Alberta. For a typical residential appraisal, the appraiser will be tasked with providing a valuation that represents the ‘fair’ sales price of the home if it were bought or sold today. The definition of market value is what

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August 2017

a reasonable buyer would pay in balance with other choices, and where they are neither highly motivated or casually motivated. In other words, it assumes a hypothetical and perfect market, which exits only in limited circumstances.

To complete an appraisal, the appraiser must prepare two approaches to value, and in a residential appraisal, this will include a direct comparison and cost approaches. They will typically rely most heavily on a direct comparison approach to value. This process utilizes current market data including recent (usually within 3 months or less) sales on properties that are similar in style, size and location to the subject property. An appraiser uses these properties to compare them to the subject property. These properties are referred to as “comparables” or “comps”. Once the most appropriate comps are identified, the appraiser will adjust for differences such as: square footage, number of bedrooms and baths, updates, time of sale and location. Once these adjustments are made, the appraiser will use the information to arrive at the direct comparison value which will then be reconciled with the cost approach, to arrive at the final value for the home being appraised.

assessment

The property tax assessment is a value placed on a property for municipal and provincial taxation purposes. The reason for the exercise is to ensure that each property owner pays their fair share of their property taxes relative to other property owners, based on their relative property values. In Alberta, the current property assessment notice indicates the respective municipality’s estimate of your property’s market value (the amount it would have sold for in the open market) on July 1 of the previous year. It is also adjusted for any changes in physical condition as of December 31 of the previous year. Provincial legislation establishes these dates and requires that property assessed values be estimated every year.

In Alberta, tax assessments are always between six months to a year and a half old since the effective date of the assessment is July, and only published in January or February of the following year.

Municipalities assess each property annually to distribute fair and equitable taxation. The estimated value of each property comes from the measurement, analysis and interpretation of the real estate market and is governed by the Municipal Government Act. This process is based on mass appraisal models that are an expression of how supply and demand factors interact in the real estate market. Most residential properties within Alberta are assessed using the sales comparison approach to value which is similar to an appraiser’s direct comparison approach to value.

Assessors use similar criteria that property appraisers use when estimating the value for a residential property. For example: style of home (bungalow, two-story or bi-level), size of lot, size of home, year built, basement or lower level finish, garage (size, detached or attached), building condition, fireplaces, air conditioning or other special features, neighbourhood, locational factors (proximity to amenities lakes, parks, river valley, commercial development and high traffic routes). Some information resources used by

the assessors include: property sales data, Alberta Land Title office records and City records for permit and construction information.

Municipalities assess the value of your property to calculate the amount of provincial education and municipal property taxes you pay proportionate to the value of the real estate you own. Therefore, what you pay is based on your home’s assessed value. For example, if the tax rate for a municipality is $13 per $1,000 and the assessed value of your home is $500,000, the tax for that year on the property would be $6,500 (($500,000 / $1000) X $13). The Tax Assessment is required to be performed at regular intervals one year apart in order to fairly levy annual taxes against real estate located in its jurisdiction. Its purpose is to provide a basis for collecting the taxes necessary to meet the annual budget, not to provide an eventual buyer with the price that they should pay for the property.

In Alberta, assessors are not required to hold any specific professional designation. Assessors have likely not seen the interior of each property they have assessed and in some instances the exterior hasn’t been reviewed recently. As a result, it is impossible for an assessor to accurately consider recent property improvements or the property’s current condition, including deferred maintenance or need for important repairs. Again, much of their information is taken from public record and may not necessarily be current or accurate for estimating current market value. continued on next page

August 2017

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In Alberta, tax assessments are always between six months to a year and a half old since the effective date of the assessment is July, and assessments are only published in January or February of the following year. In other words, if you review a tax assessment in December 2017, the market value will be as of July 2016. As we know, the only consistency with regard to Alberta real estate values is that they are always changing. The lag time is one reason why the assessed value of a home is often different than the current appraised value. Another reason is that a property may be updated/renovated, in need of renovations or have another issue not considered by the municipal assessor.

Home owners are likely to better remember the highest tax

assessment of their property than the most recent number.

In estimating the market value of the property, it is useful to first take the tax assessment into account, then adjust for what you know has occurred in that local real estate market since the assessment date in July of the previous year.

As mortgage professionals, market values have significant implications for our clients. If a house appraises for lower than the estimated value, the lender may lower the amount of the loan. For a purchase, the buyer may not be able to or willing to increase the down payment to make up the difference which may result in a renegotiation, or, worse, the deal could fall apart. For a refinance, the lender may lend less than the borrower needs or not at all.

Like everything in real estate, education is key. As a real estate professional, it is important to educate your clients.

Understanding the difference between assessed value and appraised value is yet another tool for your kit.

Alberta’s Private Mortgage Lender

WE PROVIDE NICHE LENDING FOR: » FLIPS/REHABS » 2ND MORTGAGES » QUICK CLOSINGS

» CONSTRUCTION » SHORT TERM NEEDS » DEBT CONSOLIDATION

Call us today for more infomation

888.752.4642

Dale Koeller, Sherwin Dziwenka & Dean Koeller

info@chmic.ca

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August 2017

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The right fit.

You Need A Broker Website Unveiled Prior To Mortgage World

Just in time for Mortgage World, Mortgage Professionals Canada and the Alberta Mortgage Brokers Association (AMBA) launched a new website that builds on the joint advocacy and education efforts of both associations to raise awareness for the industry.

As we all know, mortgage eligibility rule changes introduced by the federal government in 2016 have made it more difficult for average middle-class Canadians to purchase a home. Our new site, www.YouNeedaBroker.com, was created to encourage members of the public to ask questions and learn how using a mortgage broker can help them achieve their dream of home ownership. On this site, consumers can search for a trusted broker through directories provided by the associations that ensure their professionalism and integrity.

Attracting new business is integral for our industry, and it is now more important than ever to showcase the skills and knowledge a mortgage broker can offer to consumers. Promoting the work we do to the public is of the utmost importance.

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August 2017

That’s why, for the first time ever, we introduced a Public Expo as part of our conference at West Edmonton Mall. Centrally located in the Ice Palace, there was plenty of action to draw shoppers in on a busy Sunday afternoon as the Public Expo featured 12 industry booths, live entertainment, an interactive game show, and a 'Break the Safe' contest where one lucky

person who visited all nine super broker booths won up to $5,000 to use towards closing costs or home improvements.

The first 200 people to arrive received a ticket to an exclusive sea lion show where past AMBA president Adil Mawji and current Mortgage Professionals Canada Chair Mark Kerzner spoke to guests about the mortgage broker industry.

We promoted the Public Expo through a series of newspaper ads, radio spots, social media marketing, press releases, and an advertising campaign in partnership with West Edmonton Mall. Throughout the day we raised awareness about the choice Canadian consumers have when it comes to homebuying and encouraged the public to visit YouNeedaBroker.com to learn more about why mortgage brokers offer the best options available. This event was part of our continued consumer awareness efforts with Mortgage Professionals Canada.

Thank You to our sponsors TITLE SPONSOR

DIAMOND SPONSOR

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August 2017

19

Thank You

Mortgage World Attendees!

You Made the Annual Conference a Success It was a fun-filled few days at Mortgage World with mortgage brokers and industry partners coming together at the West Edmonton Mall June 11-13, 2017. The conference in partnership with Mortgage Professionals Canada was a successful event with a great turnout, high attendance at educational components, and plenty of networking opportunities. We kicked things off with a Bermuda Shorts Party at the World Waterpark, launched a new YouNeedaBroker.com website for consumers, hosted a Public Expo to promote the value of using a mortgage broker, and piloted a conference app that we have had great feedback about so far.

20 August 2017

#GOFORBROKER #MortgageWorld17

There was a great line-up of speakers and concurrent sessions this year. Economists Will Dunning and Todd Hirsch gave a colourful update on Alberta’s economy, Jason Ellis and Marc Shendale gave a Lender and an Insurer’s perspective on the Canadian mortgage landscape, an expert panel discussed cyber crime, and former Fort McMurray Fire Chief Darby Allen ended the conference on a high note with his powerful presentation about crisis leadership. Dustan Woodhouse, Megan McDonald and Selina Gray's concurrent sessions were all well attended, engaged attendees with their subject matter and delivery.

THANK YOU TO OUR sponsors TITLE SPONSOR

DIAMOND SPONSOR

gold SPONSORS

®

silver SPONSORS

bronze SPONSORS

associate SPONSORS ®

Photos brought to you by AMBA, Mortgage Professionals Canada and our photography sponsor Verico Canada.

#GOFORBROKER #MortgageWorld17

August 2017

21

Our Prize Winners Delegates who successfully collected all contest codes from exhibitors at the Industry Expo were entered into a draw to win prizes from our prize sponsors Genworth and Equitable Bank.

Alaskan Cruise Grand Prize Winner 3. What part of the cruise are you most

excited about?

I’m most excited for some of the outdoor adventures in Alaska. We’re planning on sea kayaking in Juneau.

4. How did your husband react when he found out you won?

He was so thrilled! I couldn’t believe it! (I think he was feeling like it was his prize for taking care of our three little kids while I was at Mortgage World)! Ha!

5. Have you ever been on a trip like this?

Renee Lee Huse won the Alaskan Cruise prize package valued at $6,500, presented by AMBA, Mortgage Professionals Canada and Equitable Bank. Renee and her husband will be heading off on a seven-day cruise departing from Seattle in September.

1. Were you surprised to win?

Good lord – was I ever! I can’t believe that I won this cruise!

2. Who will you be taking on the Alaskan cruise trip with you?

My Husband, Michael. It's our 10 year wedding anniversary the week prior, so this couldn’t have been booked for a better time!

We’ve never been on a cruise AND we’ve never been to Alaska. We’re really looking forward to seeing a new part of the world!

Luxury Diamond Pendant Winner Karen Low won the floating diamond pendant necklace valued at $1,500.00, presented

by Genworth Canada.

Break the Safe $5000 Winner Gord Prajapati won our Break the Safe contest at the Public Expo. Gord will get up to $5000 in gift cards to use towards home renovation costs.

Photos brought to you by AMBA, Mortgage Professionals Canada and our photography sponsor Verico Canada.

22

August 2017

The Secret in the Cyber Shadows Derrick Leue, President, PROLINK Insurance Group Inc.

I had the privilege of facilitating a panel discussion on Data Security and Privacy Breach risk at the Mortgage World 2017 conference in Edmonton on Monday, June 12. The panel included: • Eric Dolden from Dolden Wallace Folick LLP (Eric is actively engaged in defending some of the largest and most complicated privacy breach lawsuits in Canada); • Serge Solski from Advise Aware (Serge is a cyber risk consultant focused on making small to mid-sized companies more resilient to the growing data security and privacy exposures).

• Greg Markell from Ridge Canada (Greg is the President of Ridge Canada, a cyber insurer offering customized solutions for entities of all sizes in Canada).

Conference attendees found this panel discussion valuable because it is not a matter of IF, but WHEN you become a victim of cyber crime. The panel’s objective was to help brokerage owners, brokers and lenders understand where the risks are lurking, the impact of a breach, and the necessary precautions to improve your chances of survival. The feedback was positive from those who attended the panel so we thought it would be valuable to highlight some of the primary topics in AMBA Matters because not everyone was able to make the trek to the West Edmonton Mall.

Why Is The Mortgage Industry a Target?

Cyber criminals follow the easiest path to the money.

Mortgage brokerages hold a treasure trove of valuable information on individuals and companies that criminals can use to put together profiles on people in order to effectively commit fraud.

Mortgage brokerages and lenders are typically holding the following information on borrowers: • Name, address and contact details; • Employment and income details; • Tax return information, which will include their S.I.N.; • Credit scores; • Banking details.

This type of personal information is exactly what criminals are seeking. The subcontractor relationship that many associates will have with their brokerage often results in a lack of data security protocol as it becomes difficult to enforce date security standards such as email communication, password security and file transfer/storage. For example, associates using personal email accounts such as Gmail and free file storage applications such as Dropbox are not secure.

Many of the famous Cyber incidents that have been in the media (i.e., Target and Sony) are a result of hackers using suppliers to gain access into the systems and databases of the organizations they are targeting. Mortgage brokers and associates can represent an easy gateway into their lender’s systems.

What Happens IF Your Are Attacked?

It is the unfortunate truth that organizations which have had their systems breached are often treated more like

24 August 2017

criminals than the victims they are. As a breach becomes public knowledge, organizations can face intense scrutiny from their customers, prospects, business partners and the media. The privacy legislation has significantly increased the risk of becoming a defendant in a regulatory investigation or class action lawsuit.

Your initial reaction may be to contact the police; however, the authorities will have little advice or ability to assist the victim of a cyber attack. Companies are often surprised to learn that a cyber insurance policy can provide the first response breach coaching services that is desperately required.

How Can Cyber Insurance Help?

When you have experienced a breach, time is of the essence. Many cyber insurers provide you with immediate access to a breach coach who manages your response and investigation process. The right breach coach will help you start the response process under privilege. By having an attorney-client privilege around the investigative efforts you can carefully prepare and control how information is released publicly. By engaging legal counsel specializing in data breaches, you are assured that you will be compliant with breach notification requirements.

Everyone in the mortgage industry needs to accept that cyber criminals are lurking around their business. Being cyber resilient requires a proper risk management plan for brokerage owners, associates and lenders.

We encourage you to attend the upcoming webinar on Cyber Risk hosted by PROLINK & AMBA on Thursday September 14. Checkout the Member Zone on AMBA.CA for the exact timing and link to the webinar. We will continue to outline the exposure of the industry to privacy breaches, the potential consequences, and the reasonable actions you should take to reduce your exposure.

Our clients are always surprised by the costs they incur when they experience a cyber security incident. The remediation costs can easily exceed $100,000 so it is critical that you select a policy that provides adequate amounts of coverage.

The immediate expenses will include:

Learn More about the AMBA E&O PLUS+ Program Including Cyber Insurance

• Hiring an independent cyber forensic firm to help you identify the extent of the breach, fix the problem and hopefully prevent it from happening again;

The PROLINK Insurance Group Inc. is the proud manager of the AMBA Insurance program.

• Replace, restore or recollect data that was corrupted or destroyed;

Please contact a representative from the PROLINK Insurance

• Loss of income and extra expenses incurred due to interruption of your network system; and

Cyber Insurance protects you.

• Hire a PR firm to help you effectively manage internal and external communications to reduce reputational harm.

Derrick Leue: DerrickL@PROLINK.Insure

Group’s AMBA Service Team in order to learn more about how P. 800-663-6828; Website: www.PROLINK.insure/AMBA

Introducing an Enhanced E&O Plus+ for AMBA Members

a proud PROLINK partner

AMBA’s endorsed insurance partner now offers members better protection Why connect with PROLINK, AMBA’s broker of choice?

OUR CONNECTION: • To AMBA means that you receive coverage that is truly customized for mortgage brokers and administrators: • Data Security and Privacy Breach protection is included now that the Canadian Digital Privacy Act is changing; • Directors and Officers Liability insurance is included because owners deserve broader protection; • To members means that we pool together premiums to provide lower rates; • To Canada’s most experienced E&O underwriter for mortgage brokering means that you get claims service from a company that actually understands your business.

Call us at 1-800-663-6828 Ask for the AMBA team. It will be well worth your time!

BUSINESS

AUTOMOBILE

LIFE

AMBA@PROLINK.insure

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PROLINK.insure/AMBA

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August 2017

25

A B M A 7 1 0 2 Meet the ners n i W d r a Aw

On June 12, AMBA hosted our annual Awards Gala at the Fantasyland Hotel & Conference Centre, in conjunction with Mortgage World. This wonderful evening honoured the many standout mortgage professionals in Alberta and highlighted the achievements of our members for their longevity, leadership, ambassadorship, partnership, volunteering efforts, and overall excellence. It is important to recognize excellence in our industry, and there were a lot of amazing people recognized for their efforts.

Lifetime Achievement Award Everett Koeller Calvert Home It was our pleasure to honour Everett Koeller as our special guest at the Awards Gala. Everett is a visionary who helped build the broker channel by developing relationships with lenders in a time when banks wouldn't even consider accepting transactions from mortgage brokers. As part of the first meeting of what would later become the Alberta Mortgage Brokers Association in 1975, he saw the value in creating an association to serve as the voice of the industry and develop a standard of excellence. Everett has influenced so many of us over the years.

Ambassador Award Jared Morrison Alta West Capital Jared has a strong passion for our industry, especially its people. You can see him out at almost every AMBA event and he is always looking for new ways to be supportive. He has contributed regularly over the years to this magazine, while also putting together his own online newsletter to help his peers stay informed. Jared has a deep respect for all people he works with and his passion defines him.

Bill Patton Memorial Award Gord McCallum First Foundation Gord is a role model and visionary who—since founding his business as an eager 25-year-old back in 2002— has become a true voice of the industry. Although he is extremely humble, Gord is a champion of the community who conducts himself and his business with the utmost integrity and prides himself on putting the interests of his clients first.

26 August 2017

Leadership Award Josh Higgelke Axiom Mortgage Solutions Josh exemplifies what it means to be a leader and is actively engaged in industry advocacy.

He has been a public speaker and liaison with the Calgary Real Estate Board. He advocates for the positive promotion of using a mortgage broker through his First Time Home Buyer seminars. And he leads by example when it comes to the Higgelke mortgage team, empowering those around him and encouraging them to make informed decisions while developing strategic relationships with their lender partners.

Partner Award Denise Hendrix Hendrix Law

Denise is an excellent partner to both the lender and the broker channels, providing exceptional service to lenders while also working with the broker community to assist clients when they are going through difficult times. She is an active advocate for our industry and a leader in the development of precedents, practices, and procedures for foreclosure lawyers. She serves as a mentor for practising lawyers in the area of Foreclosure and Real Estate Law, offers education to various lending institutions, has spoken to members of the Calgary Real Estate Board and AMBA, and has lectured for more than 10 years in the legal sections of the mandatory provincial Mortgage Brokerage course.

WIMI Innovation Award Sarah Strauss Mortgage Alliance - The Place to Mortgage

Sarah has attracted amazing clients to work with and is a big believer in selfmotivation, growth, and education. Sarah is an inspiration to her team and the mortgage brokering community as she constantly utilizes new technologies to build her business, from social media to online contests, events, and personal advice videos. She is constantly providing opportunities for her team and encouraging them to dream big. Her quality of work and ability to balance all of life’s challenges attracts followers to her business. Her drive to give back and support local charities embodies team spirit and her human spirit and kindness are second to none.

Volunteer Award Tim Hurlbut Alta West Capital Tim has been a strong supporter of AMBA for years. Always around to offer a helping hand, he often ends up with the least desirable duties as a volunteer but never complains. Tim doesn’t shy away from heavy lifting, and always asks if he’s needed to come early or stay late to set up or take down the things so many might assume are left to others. He has the ability to make tasks more fun for everyone involved.

August 2017

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g n i v a S 6 Money r u o Y r o f Tips n o i t a c a V Summer Summer is the perfect time for a getaway. If you’re looking to take a vacation this year, but you’re keen to cut costs, check out our money-saving tips. Spending less is a fantastic way to make your vacation even more enjoyable. To save big, just do a little homework.

It’s worth it!

1. Save on attractions Tourist attractions can really add up. To save money, look online for packaged deals. Sometimes you can get a City Pass which offers admission to several attractions in one city at one low rate. Or, check out Groupon, LivingSocial and Wag Jag deals in your vacation city. You could save big on some amazing fun!

2. Get deals on flights • Book early or last-minute to get the best deals, such as 10 months or 2 weeks before your departure.

• Compare flight itineraries from different airlines, so that you can get the best deal.

• Consider flying on a Tuesday and returning on a Monday. Avoid flying on Fridays and Sundays if you can, as those days are the most expensive.

• Going to Europe? Consider using a no-frills airline.

This can get you from one city to another faster and cheaper than the train and can be booked easily online. (Cheap airlines often use small airports located far from town, which can cost a little extra time and money.)

3. Save on accommodation • For packaged deals that include a hotel and flight, always check to see the price of each on their own.

Resorts may offer discounts if you book directly.

• When booking your accommodations, consider websites like Airbnb.ca that allow you to book

28 August 2017

privately owned accommodations which may be less costly for a larger space with a full kitchen, or perhaps offers in-town locations that let you experience the culture of the region you are visiting.

• Rewards sites like Ebates.ca can generate additional savings. You can receive up to 30 per cent cash back on your purchase.

4. You may already have travel insurance coverage Check with your credit card company. Many offer health insurance and even car insurance for travellers.

Don’t pay twice! If you do need to take out additional coverage, be sure to compare quotes to get the best deal.

5. Avoid car rental mistakes • Beware of the common rental car mistakes made by many travellers.

• Avoid renting a car at the airport, since many Canadian and international airports charge “premium location fees” to onsite vendors.

• Read the fine print on rental penalties to avoid any unnecessary pitfalls.

• Don’t forget about car rental insurance.

6. Choose cost-saving alternatives to restaurant meals • Sign up for cheap eats online. Sites such as Groupon and LivingSocial have daily deals that can be customized for the city you're visiting.

• Buy snacks and drinks at the grocery store to keep in your backpack or purse for between-meal snacking.

• Take advantage of your hotel’s free breakfast.

• Ask the locals for the best place to grab an affordable bite.

• Find accommodations with a kitchen for quick and cheap breakfast and lunch meals.

More on this topic • How to Stick to your Travel Budget • 25 Ways to Stay on Budget

AMBA has a group sponsorship agreement with The Personal Insurance Company with regards to home and auto insurance for our members.

To find out more, call 1-888-476-8737 www.thepersonal.com/amba The Personal refers to The Personal General Insurance Inc. in Quebec and The Personal Insurance Company in all other provinces and territories of Canada.

The information provided is meant to be illustrative only and does not constitute or replace the advice of experts. The Personal assumes no liability with regards to how such information is used.

August 2017

29

Members giving back

AMBA Members Giving Back: Axiom What charity does Axiom support?

Mike Cameron, CEO, Axiom Mortgage Solutions

“Axiom supports a number of charities: 1. Realtors® Community Foundation Through our Axiom Cares program, our agents contribute financially either a fixed amount, a percentage per deal, or a flat amount monthly. We have been part of raising over $100,000 per year for the last four years for a variety of local charities in conjunction with our realtor partners.

We sought out this charity as it simply makes sense to support our strong referral network of realtor partners and it saves us from duplication of efforts. We have actively supported this charity for the last four years.

2. Habitat for Humanity As an organization we have put on annual build days for our team to participate in. I have been involved with Habitat for Humanity through the HOME Program in a variety of different ways for over a decade. We have organized builds annually for the last six years.

30 August 2017

3. The HOME Program – This is an affordable housing initiative I co-founded back in 2001, designed to empower low-moderate income households to achieve the dream of home ownership through education and financial support. We supply the manpower and resources to host education sessions on numerous occasions over the course of the year.

What does Axiom do for the charities?

Sandra Forscutt, Mortgage Professional, Axiom Mortgage Soloutions: "With Habitat for Humanity, I have had the privilege not only to participate in builds but also to help organize AdoptA-Days with the charity. This project began as an Axiom initiative to give back to the community by donating our time to build homes for people who cannot afford to get into the traditional housing market. We have had the unique experience to see one of our projects go from the beginning stages to becoming a completed project which houses many families today.

Last year, we partnered with AMBA for Adopt-A-Days because we decided that this experience should not just be Axiom specific, but open to the entire broker community as a way for us to band together to give back. We had great success in 2016 with three different build days for the broker and lender community within Edmonton and surrounding areas, and have this experience into Calgary this year" (read more about this on the next page).

Mike Cameron: "Time, energy and support of the charities varies throughout the year and different agents usually have an affinity for one project or another. Our intent is to continue to solidify the relationship with the RealtorsÂŽ Community Foundation and increase the exposure it brings our agents in the marketplace. We also have some side projects I am involved with around domestic violence that we will continue to explore and support."

"In an industry where we have a substantial opportunity to make a great living, it is important for all of us to give back to our communities in a variety of ways.

Empowering our agents to do that on their own terms is of utmost importance and we will continue to explore ways in which we can do this."

August 2017

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r o f t a Habit s d l i u B y t i n a m Hu AMBA and Mortgage Professionals Canada have joined forces again this summer to bring you a local Habitat for Humanity build opportunity! This is a significant and meaningful way to give back to your community and help those in need. Thank you to Axiom for helping coordinate these build days with the charity.

There will be build days taking place in Calgary and Edmonton on the following dates:

Tuesday, July 25 in Calgary DONE! Friday, August 18 in Calgary DONE! Friday, September 22 in Edmonton There are only 10 spots available in each of the Calgary build days, and 20 spots available for the Edmonton build. Space is allocated on a first-come, first-served basis.

Please Note: You must log in to your AMBA account to register for these events.

32

August 2017

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $2 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $4M to $100M.

OPPORTUNITY IS OFTEN SIMPLY A MATTER OF SEEING IT FIRST. Blake Cassidy or Pierre Leonard 800 494 0389 | www.romspen.com

s w e N y r t s Indu OSFI Releases Draft Changes to Guideline B-20 Bank Of Canada Increases Key Interest Rate CBC Published on July 12, 2017 The Bank of Canada has raised its key interest rate as expected to 0.75 per cent — the central bank's first move upward in the cost of borrowing in seven years.

The bank's target for the overnight rate — at which major financial institutions make one-day loans to each other — moved up by one-quarter of a percentage point from 0.50 per cent.

In a statement accompanying the rate decision, the central bank said the Canadian economy has been robust, fuelled by household spending.

"As a result, a significant amount of economic slack has been absorbed," the bank said, adding that the remaining slack is expected to be gone around the end of this year, which is earlier than the bank anticipated in its April Monetary Policy Report.

Read the full article here.

OSFI Website Published on July 6, 2017 The Office of the Superintendent of Financial Institutions (OSFI) released draft changes to Guideline B-20 for public consultation. The B-20 Guideline establishes OSFI's expectations for prudent residential mortgage underwriting and is applicable to all federally regulated financial institutions.

Initial Concerns We are reviewing the draft proposals and consulting our memberships as we prepare a response prior to the August 17, 2017 deadline. We have initial concerns with the impact the 2% stress test will have on Canadian consumers and questions around the uncertainty that the dynamic Loan-toValue (LTV) measurements may have in the marketplace.

OSFI is proposing changes that align with their July 16 letter and strengthen the expectations they have in a number of specific areas including:

• Requiring a qualifying stress test for all uninsured mortgages; • Requiring that Loan-to-Value (LTV) measurements remain dynamic and adjust for local market conditions where they are used as a risk control, such as for qualifying borrowers; • Expressly prohibiting co-lending arrangements that are designed, or appear to be designed to circumvent regulatory requirements.

“The draft changes to Guideline B-20 released today are consistent with messages that OSFI has been delivering through public statements and in direct conversations with federally regulated financial institutions through our supervisory work,” said Carolyn Rogers, Assistant Superintendent, Regulation Sector.

Read the full article here.

34 August 2017

Homeowners' Debt at a Glance CMHC Website Published on June 13, 2017 While household debt continues to be a key concern in Canada, the mortgage market has remained stable. Notably, CMHC finds that the mortgage delinquency rate1 and the share of mortgages granted to riskier2 borrowers both remained low and stable in 2016. However, the average Canadian mortgage scheduled payment growth rate has accelerated and now is firmly above the rate of inflation.

There are some initial signs that the mortgage market is slowing with a flattening of the share of consumers with a mortgage and below average growth in the average value of new mortgages in 2016 Q4.

Oil dependant regions, notably Calgary and Edmonton, continue to struggle with delinquency rates trending up. In contrast, Vancouver and Toronto continue to record some of the lowest delinquency rates in Canada despite high prices.

Home Capital Strikes $1.2-billion Debt Sale to Bolster Finances Globe and Mail Published on June 20, 2017 Home Capital Group Inc. is selling a portfolio of commercial mortgages worth about $1.2-billion at a small loss, offloading a variety of property loans in an effort to reduce its debt load.

Through its Home Trust subsidiary, Home Capital will sell a mix of commercial mortgages to Toronto-based real estate private-equity firm KingSett Capital, with proceeds expected to reach nearly $1.16-billion once the agreement closes in the coming months.

The deal strips Home Capital of some of its revenuegenerating mortgages, but will help quickly shore up capital at a critical time for the alternative mortgage lender.

Read the full article here.

This report uses data from the credit rating agency Equifax, covering approximately 85% of the mortgage market. All figures are CMHC calculations on data sourced from Equifax, unless otherwise stated.

1

WAYS WE SUPPORT YOU

A consumer’s risk is based on the Equifax Risk Score (ERS).

The higher the value the least likely that a borrower will become seriously delinquent (late 90 days or more) within 24 months on a debt product. ERS ranges often used are the following:

2

•

Poor (less than 599);

•

Fair (600 – 659);

• Good (660 – 719);

•

Very Good (720 – 779);

•

Excellent (more than 780)

Ask about...

• •

Our New Broker Rewards Program

Money Available for Construction Loans •

Funding Outside of Major Centres

000 scores are given to consumers for which there isn't sufficient information in the credit report to calculate a score. Usually, a credit history in Canada of 3 to 6 months is needed to begin to generate scores.

Mortgage Services Ltd.

Those borrowers with scores below 660 are at the most risk of becoming seriously delinquent.

Contact Mark Pullin, Broker of Record

Read the full article here.

403-249-2007

mark@cedarpeaksmortgage.ca

August 2017

35

J

Joe Jacobs joined Axiom Mortgage Solutions as a Managing Partner in January of 2017. Prior to this he was the Broker of Record for Mortgage Connection Inc. (since 2004.)

Running the Mortgage Connection Team out of the Inglewood office in Calgary, Joe and his team focus on enhancing the client experience.

With a team fully engaged in making the mortgage experience enjoyable for the client, Joe has developed a system and reputation that focuses on the client relationship long-term, while maintaining the best relationships with lending partners.

Joe currently sits on the RECA 20/20 Mortgage Forum, focusing on the next generation of mortgage leaders.

He is a regular mortgage voice for many media outlets including bestselling author and host of “Million Dollar Neighbourhood” Bruce Sellery’s online financial column “Ask Bruce”, MoneySense Magazine, The Calgary Herald and BNN. A passion for Calgary inspires Joe’s business and he is proud of the charitable work his group does annually. From spear heading the outdoor rink construction in Inglewood, to providing $25,000 annually to under-funded schools and $15,000 annually to charities nominated by his clients, bettering the city that has given him so much is all part of a day’s work.

Where are you from?

Born and raised in Calgary.

How did you get started in the business?

Both of my parents were in the business. I grew up around it and came into it through them.

Member Profile

Joe Jacobs 36 August 2017

Please tell us a little bit about your company.

In 2017, I joined Axiom Mortgage Solutions as a Managing Partner and run the Mortgage Connection Team. Prior to this, I ran an independent brokerage for the last 13 years.

Axiom is one of the largest brokerages in Canada, with solid Alberta roots. We have our head office in Sherwood Park and an additional two anchor locations in Kensington and Inglewood in Calgary, Alberta

three interesting facts about your company.

1. My office is in Inglewood—voted Canada’s top neighbourhood!

2.

Axiom as a corporate brand prides itself on having top mortgage brokers in key centres, but beyond this values long lasting relationships with clients and lender partners based on business models built on a mutually beneficial platform.

3. The launch of ACE and A3 are exciting times, for internal and external growth.

What is your vision for the mortgage industry?

Advancement and growth. Mortgage brokers are just scratching the surface. We can and should be doing much more than we are. Our market share is stagnant and that is a problem. We need to be advocates of the industry instead of viewing each other as competition.

If a borrower uses a Mortgage Broker that is a win for the industry. We have bigger fish to fry than each other.

What do you love about mortgages?

The human aspect. I love helping people and being an asset to them. It is a sales job, where you make a great living by doing the right thing for a client–not a lot of sales jobs allow that.

How long have you been an AMBA member?

Three years…came to the party 10 years late, took me a while!

What’s your favourite AMBA event?

In such a competitive market, how do you stay ahead of your competitors and remain successful?

1. Client-centered marketing 2. Team approach with a good use of technology for communication to best handle clients’ needs 3. Always being responsive 4. Hustle, there is no substitute for working hard and smart.

What aspects of the mortgage industry do you find most challenging?

The uneven market created by regulation.

Lack of partnership on renewal business with lenders.

The conference joint with Mortgage Professionals Canada is a great approach. I like the progress being made.

What other professional associations do you belong to?

Mortgage Professionals Canada

Please share three fun facts about yourself.

1. I host a concert

series and I am a

complete music nerd.

2. I scout for the WHL

Saskatoon Blades 3.

I can do a pretty good Mick Jagger impersonation on the dance floor.

August 2017

37

2017 AMBA Calendar of Events facebook.com/AlbertaMtgBrokersAssoc

Follow AMBA on Facebook, Twitter and Instagram for the latest on events, webinars and industry updates and highlights

September 12, 2017

Social Breakfast with AMBA in partnership with MPC, AREA, PMLF, CNAREA and CREB The Winston Golf Club - Calgary, Alberta

Twitter @AMBA1975

instagram @ambainsta

September 19, 2017

AMBA Golf Tournament Innisfail Golf Club - Innisfail, Alberta

December 6, 2017

AGM and Holiday Party AMBA Atrium - Calgary, Alberta

October 25, 2017

AMBA Professional Development Day

In partnership with Mortgage Professionals Canada, AREA and PMLF

December 2017

The Clarion Hotel & Conference Centre Calgary, AB

Holiday Party North Edmonton, Alberta

Equity Lending!

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R ATES & F EES A R E SU BJ E CT TO CH A N G E WI T H OU T N OT I CE .

Donna Hunter

Business Development Manager Office: 403 | 278.6200 Cell: 403 | 874.6348 Toll Free: 800 | 959.9290 dhunter@capitaldirect.ca

38 August 2017

No Lending Area Restrictions Me m b e r C A A M P, A M BA , M BA BC , BBB, Off ic e s in Va n c o u ve r, C a lg a r y, Ed m o n to n & To ronto

S ocial Media H ighlights Stay up to date! Follow AMBA on Facebook, Twitter and Instagram for the latest on events, webinars and industry updates and highlights.

Inst agram @ambainsta

ce bo ok FaAlbertaMtgBrokersAssoc

er itt w T @AMBA1975 August 2017

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